Phoenix Email to Dinar Daddy

[frankyb25]

TIDBIT: Phoenix emailed this to me tonight. Please give Phoenix your warmest thank you for sharing this. He didn

[THOR]

Thank you and thats exactly what ive been trying to say all along

[armondtoth]

Let me start off by setting this straight. The U.S never had a 100,000 dollar bill, it was called a gold certificate so was the 50,000 the 10,000 and the 5,000. The largest bank note the U.S printed that you could carry around was the 1,000 dollar bill. The only thing these are worth is what a collector will pay for them.

[DmsC]

Current Currency

Federal Reserve notes that currently circulated about the U.S. economy surface in one of seven denominations. Combined with metal coins, these different denominations make it easier to correctly match the prices of different commodities. The seven denominations are: $1, $2, $5, $10, $20, $50, and $100. Larger denominations ($500, $1,000, $5,000, and $10,000) were once issued but are no longer in circulation.

* $1: The most common Federal Reserve note carries a $1 denomination. The everpopular George Washington adorns the front and a big "ONE" appears on the back. This bit of currency has been largely unchanged for several decades, with the exception of different signatures.

* $2: The third President of the United States, Thomas Jefferson, appears on the front of this seldom seen Federal Reserve note. A representation of the signing of the Declaration of Independence is on the back. First issued in 1976 and reissued in 1995, this denomination remains in circulation but has never really caught the public's fancy.

* $5: This five-dollar bill, also called a "fin" or a "fiver," has President Abraham Lincoln's portrait on the front and the Lincoln Memorial on the back. It was redesigned in 1996, enlarging and moving Lincoln's portrait to the left. A series of security measures to prevent counterfeiting were also included in the redesign.

* $10: Alexander Hamilton, the first Secretary of the Treasury, appears on the front of this Federal Reserve note, one of two modern bills that do not memorialize a past President. The back of the ten-dollar bill, the old "sawbuck," presents an engraving of the Treasuring Building. It too underwent a redesign in 1996, with a larger left-shifted portrait.

* $20: This "double sawbuck" has the image of President Andrew Jackson on the front and the White House on the back. Ironically, Jackson, the seventh President of the United States, refused to renew the charter of the Bank of the United States. Due to its widespread use, the twenty-dollar bill was the first Federal Reserve note to under a major redesign in 1996. It then underwent another, slightly less spectacular redesign in 2004.

* $50: President Ulysses S. Grant been a long-time resident on front of the 50-dollar Federal Reserve note. He shares this piece of currency with the capital building on the reverse side. Like other currencies (excepting the $1 and $2), the fifty was redesigned in 1996.

* $100: This the largest of the modern Federal Reserve notes in circulation is also occupied by a nonpresident, Benjamin Franklin. Appropriately, the back of this bill has a representation of Independence Hall in Philadelphia. This was also redesigned in 1996.

Out of Stock

The seven denominations listed above are not the only ones that have carried the Federal Reserve note designation. Four other denominations--$500, $1,000, $5,000, and $10,000--were once available, but have long since been removed from circulation.

And even though they were technically "available" these bigger bills were primarily used for interbank transfers. However, technological improvements in the transfer of reserves and assets between banks eliminated the need for these bills.

For sake of completeness, here is an overview of each.

* $500: This denomination, issued in the late 1920s and early 1930s, carried the portrait of President William McKinley on the front and a relatively simple design featuring the number "500" on the back.

* $1,000: This thousand-dollar bill had a parallel existence to the half-value sibling, surfacing in the late 1920s and early 1930s. It has the likeness of President Grover Cleveland on the front and the words "The United States of America" on the reverse.

* $5,000: The third among this family of big-denomination bills was also issued in the late 1920s and early 1930s. The portrait on the front is President James Madison on the back the simple design features the number "5000" and the phrase "The United States of America."

* $10,000: This the largest Federal Reserve note every printed sports likeness of a fellow named Salmon P. Chase, Secretary of the Treasury under Abraham Lincoln and Chief Justice of the Supreme Court, with a reverse side also containing the phrase "The United States of America" and a "10,000" numerical designation.

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=Federal+Reserve+notes

[Muhammad]

TIDBIT: Phoenix emailed this to me tonight. Please give Phoenix your warmest thank you for sharing this. He didn’t need to do this, but he has offered it, so we are grateful. Thank you Phoenix! – DD

U.S.A REMOVAL of 3 zero notes!

You do know that we also “removed the zeros” from the US currency right?

The United States removed the following notes from circulation:

$100,000

$10,000

$5,000

$1,000

$500

Please note that by “removing these zeros” from circulation it was NOT a LOP!

And this is the SAME thing Iraq is about to do! They will introduce the lower denoms they have all ready to go in the banks!

Iraq is just going to remove the “zero notes” the 25,000 the 5,000 the 1,000 and the 500 IQD over time from circulation but allow them to be in use at the same time as the soon to be introduced lower demomonations of 25 dinar 10 dinar 5 dinar 1 dinar and 1/2 dinar

Today, the currency of the United States is the U.S. dollar, and is printed on bills in denominations of $1, $2, $5, $10, $20, $50, and $100.

At one time, however, it also included five larger denominations. High-denomination currency was prevalent from the very beginning of U.S. Government issue (1861). $500, $1,000, and $5,000 interest bearing notes were issued in 1861, and $10,000 gold certificates arrived in 1865. There are many different designs and types of high-denomination notes.

The high-denomination bills were issued in a small size in 1929, along with the $1 through $100 denominations. The designs were as follows, along with their 1929 equivalents in current purchasing power (except for the $100,000 bill, which uses the 1934 equivalent):

$500: William McKinley, equal to $6,220 in 2010 dollars

$1,000: Grover Cleveland, equal to $12,440.55 in 2010 dollars

$5,000: James Madison, equal to $62,202.73 in 2010 dollars

$10,000: Salmon P. Chase, equal to $124,405.46 in 2010 dollars

$100,000: Woodrow Wilson, equal to $1,591,521.2 in 2010 dollars

The reverse designs featured abstract scrollwork with ornate denomination identifiers. All were printed in green, except for the $100,000. The $100,000 is an odd bill, in that it was not generally issued, and printed only as a gold certificate of Series of 1934. These gold certificates (of denominations $100, $1,000, $10,000, and $100,000) were issued after the gold standard was repealed and gold was compulsorily purchased by presidential order of Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102), and thus were used only for intra-government transactions. They are printed in orange on the reverse. This series was discontinued in 1940. The other bills are printed in black and green as shown by the $10,000 example (pictured at right). Although they are still technically legal tender in the United States, high-denomination bills were last printed in 1945 and officially discontinued on July 14, 1969, by the Federal Reserve System.[1] The $5,000 and $10,000 effectively disappeared well before then: there are only about two hundred $5,000 bills, and three hundred $10,000 bills known, of all series since 1861. Of the $10,000 bills, 100 were preserved for many years by Benny Binion, the owner of Binion’s Horseshoe casino in Las Vegas, Nevada, where they were displayed encased in acrylic. The display has since been dismantled and the bills were sold to private collectors.

Circulation of high-denomination bills was halted in 1969 by executive order of President Richard Nixon, in an effort to combat organized crime. The Federal Reserve began taking high-denomination bills out of circulation that year; as of May 30, 2009, there were only 336 of the $10,000 bills in circulation; 342 remaining $5,000 bills; and 165,372 $1,000 bills still being used.[2] Due to their rarity, collectors will pay considerably more than the face value of the bills to acquire them.

For the most part, these bills were used by banks and the Federal Government for large financial transactions. This was especially true for gold certificates from 1865 to 1934. However, the introduction of the electronic money system has made large-scale cash transactions obsolete; when combined with concerns about counterfeiting and the use of cash in unlawful activities such as the illegal drug trade, it is unlikely that the U.S. government will re-issue large denomination currency in the near future. According to the US Department of Treasury website, “The present denominations of our currency in production are $1, $2, $5, $10, $20, $50, and $100. Neither the Department of the Treasury nor the Federal Reserve System has any plans to change the denominations in use today.”[3]

Phoenix

Hey, dudes and chicks! Couldn't you all decipher all the statements laid out here? If the zeros are removed (not lopped to exploit us) to have all the lower denominations replacing all the larger denominations or whatever that we are now holding, it means they would have to revalue at an appropriate currency rate in order to readjust all the prices of goods and services provided by the importers and exporters within and outside Iraq, altogether. If they don't revalue asap, all shoppers would have to carry sling bags filled up with tons of hard cash instead of a wallet or purse we now use. Iraqi government should empathize with the elderly parents who have to go wet marketing often whilst their children go to work everyday.

[azfirefighter03]

thanks phoenix good info

[THOR]

Exactly muhammad RV first then introduce the new notes it must be close now surely !!!

[Fi3ry_Ph03n1x]

All of us can google 'wiki large currency'. Let me break this down simple for those who don't want to read it all. Yes, the US used to have bills that range from $500-$100,000. I believe they are all still legal tender. They are just not being minted and circulated anymore. They were removed from circulation to stave off counterfeiting. THIS IS NOT THE SAME AS A REDENOMINATION! A redenomination is when one bill becomes worth the value of another bill. The US never dropped any zeros off of the large bills. They simply stopped printing them. Now those large bills, as previously stated in another post, are still legally worth what they are printed as being worth. However, people pay a lot more for them because they are rare collecter's items. Redenomination is totally different than taking a large bill out of circulation.

[Matt]

As far as Lopping the Iraqi Dinar, that has not been the plan. Gradual elimination of the larger notes has been the plan. Unlike Korea (communist country) Iraq has promised to its people a return to currency with the purchasing power of pre-war times. Remember, when the new currency was introduced, Iraqis lost all of their savings and purchasing power. It would only be fair to return the losses back to the people. Iraqis became poor overnight and they just may become wealthy overnight... sounds fair enough.

[Fi3ry_Ph03n1x]

...If they don't revalue asap, all shoppers would have to carry sling bags filled up with tons of hard cash instead of a wallet or purse we now use.

True Muhammad, which is why the could (and probably will) LOP and then revalue at the same time. It would go like this:

#1: Start with 5,000,000 IQD

#2: LOP to 5,000 IQD

#3: Revalue to 1 IQD:1.49 USD

#4: 5,000 IQD now worth $7,450 USD.

#5: Pocket a still-respectable 149%+ return or higher if you wait longer. Not millions, but not a loss either.

Now I don't hope for this. I want a revaluation first as much as anyone else. But this is a very realistic scenario. The wise hope for the best and plan for the worst.

FP

[Muhammad]

True Muhammad, which is why the could (and probably will) LOP and then revalue at the same time. It would go like this:

#1: Start with 5,000,000 IQD

#2: LOP to 5,000 IQD

#3: Revalue to 1 IQD:1.49 USD

#4: 5,000 IQD now worth $7,450 USD.

#5: Pocket a still-respectable 149%+ return or higher if you wait longer. Not millions, but not a loss either.

Now I don't hope for this. I want a revaluation first as much as anyone else. But this is a very realistic scenario. The wise hope for the best and plan for the worst.

FP

I know about it but don't ever pray that they should lop like this for a small gain. There are many dinar holders who might be a cleaner, road sweeper, clerk or factory worker who only bought 100,000 IQD only to gain nothing in return but a small loss which might be rather sad and disappointing to them because a piece of meat bun could be their great nice lunch whilst the same could be our usual tea-break's titbit. This is unfair to all Iraqis living below poverty line as well, if they lopped and revalued IQD without justifiable reason like hyperinflation at all. Such a small gain doesn't improve the buying power for the poorer Iraqis and perhaps, to be able to buy only 3 brand new bicycles for their own family to work and that's all. LOL!

[Fi3ry_Ph03n1x]

By the way, I should clarify that I AM NOT the Phoenix mentioned in the original post, nor did I come up with this screen name to try to impersonate him/her. I've been using Fi3ry_Ph03nix for quite some time. It's just a coincidence.

FP

[apostle]

lot's of good info, tks

[THOR]

So at the end of the day we still get 1.49 per 1 IQD out of country ???

i can deal with that !!!

It dont sound right to me though i must be missing something

[LADYDINAR]

Thank you for the great information, Im still confused at what the possible coming out rate will be/ After reading Adams chat log. Im really confuse..some one help...

[caddieman]

All of us can google 'wiki large currency'. Let me break this down simple for those who don't want to read it all. Yes, the US used to have bills that range from $500-$100,000. I believe they are all still legal tender. They are just not being minted and circulated anymore. They were removed from circulation to stave off counterfeiting. THIS IS NOT THE SAME AS A REDENOMINATION! A redenomination is when one bill becomes worth the value of another bill. The US never dropped any zeros off of the large bills. They simply stopped printing them. Now those large bills, as previously stated in another post, are still legally worth what they are printed as being worth. However, people pay a lot more for them because they are rare collecter's items. Redenomination is totally different than taking a large bill out of circulation.

You are 100% right this and the US taking bills out of cir are two very separate things people on here and obviously this Guy have no idea what redenomination means!

Redenomination1. The process whereby a country's currency is re-calibrated. Certain currencies have been re-denominated a number of times over the last century for various reasons.

[Muhammad]

TIDBIT: Phoenix emailed this to me tonight. Please give Phoenix your warmest thank you for sharing this. He didn

[popo24]

If this is true, Iraq has to revalue or reinstate IQD very soon or else all banks, shopping centres, restaurants, food stores, clinics, hospitals and so many others will have to buy more automatic cashier machines and bigger safety money-boxes ready to store tons of hard cash keep coming. How will they expand the space for all that to accomodate tons of hard cash, if they don't have the space at all? And all the taxi drivers, bus drivers and many others will have to have a larger safety money-box installed in their vehicles to handle tons of hard cash from droves of commuters, carefully. And richer Iraqis will have to carry a sling bag filled up with tons of hard cash to buy expensive things from shops which still may not accept any credit card yet. There will be tons of problems keep growing when all lower denominations are introduced but not revalued yet. So, an RV success should be soon, if not sooner.

Simple. Stores in America will not take a $100,000 bill at the cash register despite what it is worth. Whoever has the bill will be advised to go to the bank first, or to pay with a different note, or with a card.

Edit: Oh sorry I misread what you said. Yes, they are either going to increase the value or lop zeroes and redenonimnate completely either first or at the same time.